Wednesday, November 30, 2011

It's The Economy Stupid: Intervention

Wow!  The ADP Employment Change surprised on the upside by a ton.  Economists were expecting 130K, but the number came in at 206K.   JOB CUTS also declined, that’s a good thing.  Mortgage apps declined 11.7%, which is not so good.

 

Central banks all over the world intervened to provide liquidity to Euroland.  It IS NOT a solution to the Euro problems, it just provides liquidity.  The Federal Reserve and five other central banks agreed to reduce the interest rate on dollar liquidity swap lines by 50 basis points from 100 basis points to 50 basis points and extend their authorization through Feb. 1, 2013.  The Fed, The Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank are involved in the coordinated action.

 

So, they are addressing fundamental liquidity issues and NOT addressing fundamental economic issues.

 

The Fed said “The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and

so help foster economic activity,” the statement said.  

 

Sure, yeah, right.  How many households you know enter into dollar liquidity swap lines????

 

Economic Event

Period

Economic Survey

Actual Reported

Original Prior

Revised Prior

MBA Mortgage Applications

25-Nov

-

-11.7%

-1.2%

-

Challenger Job Cuts YoY

NOV

-

-12.8%

12.6%

-

ADP Employment Change

NOV

130K

206K

110K

130K

Nonfarm Productivity

3Q F

2.5%

2.3%

3.1%

-

Unit Labor Costs

3Q F

-2.1%

-2.5%

-2.4%

-

 

 

Boudin Chaud. Cous Cous Froide. Allons Tigres--Poussez Poussez Poussez

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

Ph:  225-342-0013

Fx:  225-342-9721

Email:  jbroussard@treasusry.state.la.us

Street Address:

445 North Blvd, 7th Floor

Baton Rouge, LA 70802

Mailing Address:

P.O. Box 44154 Capitol Station

Baton Rouge, LA 70804-4154

Physical Location:

One City Plaza, 7th Floor

Corner of North Blvd & 4th Street

Exit 1B I-110 Convention Street, Turn Left to get to North Blvd

 

Tuesday, November 29, 2011

Bill Gross On U.S. Treasuries

Bill Gross on U.S. Treasuries

 

-       U.S. is the cleanest dirty shirt in the closet

-       Compared to Europe, U.S. Government relatively stable

-       Euroland is in recession

-       30% to 40% chance U.S. will join them

 

 

 

Boudin Chaud. Cous Cous Froide. Allons Tigres--Poussez Poussez Poussez

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

Ph:  225-342-0013

Fx:  225-342-9721

Email:  jbroussard@treasusry.state.la.us

Street Address:

445 North Blvd, 7th Floor

Baton Rouge, LA 70802

Mailing Address:

P.O. Box 44154 Capitol Station

Baton Rouge, LA 70804-4154

Physical Location:

One City Plaza, 7th Floor

Corner of North Blvd & 4th Street

Exit 1B I-110 Convention Street, Turn Left to get to North Blvd

 

FW: OUT OF THE BOX: THE RISE AND FALL OF EMPIRES

Oy Vey! This is some bad sounding stuff. But probably very easily within the realm of possibility.


Boudin Chaud. Cous Cous Froide. Allons Tigres--Poussez Poussez Poussez

John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
Ph: 225-342-0013

-----Original Message-----

Subject: FW: OUT OF THE BOX: THE RISE AND FALL OF EMPIRES


---- Original Message

From: MARK GRANT (SOUTHWEST SECURITIES) At: 11/29
8:04:46

"This storm will be magnificent. All the electrical secrets of Heaven. And this time we're ready, eh Fritz? Ready." -Herr Frankenstein

You can hear the winds howl. You can hear the tirades, the promises with all of the substance of some hollow reed, you can watch the play of charades at the Great Houses and I invite you to stand back, way back, because massive fireworks are about to begin and the pushing and shoving will achieve nothing because forward momentum is locked down by the tribal differences of two thousand years that will not be resolved, has not been resolved, and cannot be resolved. It may not be tanks and rifles but it is capital and power and dominance that is to be pushed upon the European stage now in a game of conquest that will determine who is to succeed and who is to be left by the wayside. The agenda will be pushed by Germany and France but this is the Game of Nations and the age of Kings is long past so that the rulers are responsible to those that elected them and, as Finland stated yesterday, not so fast.

I advise you not to lose your bearings here. It has been promises of a levered EFSF, promises of a Greek 50% haircut leading to a 120% debt to GDP for Greece and promises of some Germanic bazooka that have led to naught and less than naught as the Great Expectations have surpassed anything written by Charles Dickens and they all lay now in the dustbin of political farce. As the Finance Ministers meet today in Europe it is to be more proclamations heralding the wondrous days ahead, more schemes promising everything short of Nirvana and more Federalism for the greater good but do not be taken in by the rhetoric, do not allow yourself to be led down the garden path because it will all be folly and I predict that all of the presented illusions will take you nowhere because agreement will not transpire so first the rally, then the realization and then the hard swing back down as the "Nowhere Men" lead the procession into the void.

It was some months back when I stated that my group would no longer transact business in the European bank credits. I first took this position about hybrids, trups and subordinated debt and later decided that we would do nothing at all in the European banks. I have my own standards and ethics and I do not wish to be involved in bonds that I believe will hurt people and perhaps quite badly. I have not wavered from this position nor have we transacted in these names. Today Moodys is out warning of one and two notch downgrades of all of the major banks in Europe for their subordinated debt, junior-sub debt and their Tier III bonds. Utilizing Bank of America's EUR Corporate Banking Index I note that spreads are out to +424 bps as compared to +336 bps on October 31 which is a 21% widening in just one month and the widest spread since May 2009. Serious investors are fleeing from both European sovereign and European bank debt in droves as the financials of both classes are in question and as nothing of substance has been achieved to correct the problems and quell the European crisis.

The Rise and Fall of Empire

Edward Gibbons points to A.D. 476 as the Fall of the Roman Empire which is when the East separated from the West. It must have been something to be in Rome at the time as citizens watched their once glorious enterprise slide into decay and decadence. As one peers back at history there seem to be some similarities between then and now. I note the much too rapid expansion of the Empire where so many diverse tribes with huge differences in culture were admitted to the Empire so that the divergence in morals and values could not be sustained. Gibbons also points to the economy of the Empire where Rome flourished but the further flung parts of the Empire were bankrupt as Rome demanded more taxes and more "austerity measures" to try to bring the Empire back under control. Gibbons also notes the high level of unemployment in the working classes where the Romans instituted a policy of unrestricted trade but this lead to many parts of the Empire not being able to compete with the wealthier parts of the Empire so that various regions had to live on the sustenance provided by Rome. This then lead to bloated regional governments where many citizens worked for the government until it could no longer be afforded and then cut-backs lead to social unrest as Rome could no longer afford to pay the bill.

"Here is the glory, the greed and grandeur that was Rome. Here is the story of personal lust for power, and the shattering effects of that power's loss. Here is the tale of the plight of a people living on the brink of a political abyss." -The Rise and Fall of the Roman Empire

Leaving motives aside; it is clear that Berlin is trying to dictate the terms and conditions for the European Union and using Brussels as the guise for their desires. In return the poorer nations are calling upon Germany to use their capital to pay the bills for the entire Union and here is where the metal meets the road as the economy of Germany is not sufficient for the task. Not only that but the standard of living and the cost of funding would decline for Germany to some average for all of Europe if this were to come to pass so that Federalist statements for political reasons to the back; Germany cannot politically or economically abide by what is being asked of them. Consequently the stalemate, the lack of forward motion because the vise is now clamped shut and it will only be a very violent shudder now that turns the tide one way or another and either direction will not only be dangerous but it will cause economic calamity far past what we have seen to date.
There is no good way out any longer and some bad way out will come, no doubt, and the consequences will be dire. I warn, I warn again, I warn as much as I can because what is to come will be most unpleasant!

"Delay always breeds danger and to protract a great design is often to ruin it." -Cervantes

Mark J. Grant
Managing Director
Corporate Syndicate
Structured Products
Southwest Securities

SEC Championship - It's Time To Get Real

LSU vs Georgia for the SEC Championship – It’s Time To Get Real

_________________________________

 

Strength of Schedule – LSU has played and beaten 3 teams ranked in the Top 3 of the national polls.  At the time that LSU has played them, LSU has beaten #3 Oregon, #25 Mississippi St., #16 West Virginia, #17 Florida, #19 Auburn, #2 Alabama, and #3 Arkansas.  Now LSU faces #12 Georgia for the SEC Championship in the Georgia Dome in Atlanta.  Georgia lost to the only team in the Top 10 that they have played all year.    Georgia’s first three games were against ranked #5 Boise State & #12 South Carolina and something called Coastal Carolina.  They went 1 – 2, losing to both of the ranked teams.  Georgia has not played anyone anywhere close to as good as Alabama and they lost to the best SEC team that they played. The only team in this game that can beat LSU is … LSU.  If LSU shows up and plays their ‘A’ game, even their ‘B+’ game, they win.  Advantage – LSU

 

Offensive Line – Georgia’s Ben Jones is considered one of the nation's best centers.  But who are we kidding here?  LSU’s O-Line went toe to toe with Alabama’s defensive line and came away with a win.  Advantage - LSU

 

Quarterback – Aaron Murray is going to be drafted by the pro’s one day.  Jordan Jefferson and Jarrett Lee will not.  Aaron Murray is probably going to be called on to have to win this game for Georgia.  Jefferson & Lee just have to manage the game and limit turnovers in order for LSU to win.  Advantage – LSU

 

Receiver – Georgia’s A.J. Green now plays for the Cincinnati Bengals.  Rueben Randle, Odell Beckham, Jr., Deangelo Peterson, Russell Shepard, Chase Clement, Kadron Boone, James Wright, Jarvis Landry and Mitch Joseph play for LSU.  Georgia’s best receiver is Michael Bennett, a redshirt freshman.  Their tight end, Aron White, is a good one. Advantage – LSU

 

Running Back – Isaiah Crowell is banged up for Georgia.  Without him they turned to a defensive back to help them run the ball against Georgia Tech.  LSU has Spencer Ware, Michael Ford, Alfred Blue, and Kenny Hilliard.  Hilliard, the fourth string freshman running back, gained 100 yards against the #3 team in the nation.   Advantage – LSU

 

Defensive Line – LSU goes 8 deep on the D-Line. Barkevious Mingo ran down Oregon’s LaMichael James from behind!  The LSU D-Line is deep, talented and fast.  They will be fresh as a daisy in the fourth quarter when Georgia’s O-Line will be gassed.  John Jenkins has played dominant defensive tackle for Georgia and the play of emerging redshirt sophomore Kwame Geathers has significantly bolstered Georgia's defense.  Still, LSU’s D-Line is significantly deeper.  Advantage – LSU

Linebacker – Okay, let’s not pull any punches here.  None of the linebackers in this game will make the All SEC squad.  They are scheme players.  Two of LSU’s linebackers are converted safeties.  ‘Just win baby’ is the name of the game at this position.  Advantage – LSU (by a coin flip)

 

Defensive Back – Georgia has Rambo.  LSU has the Honey Badger.  Georgia’s safety is Bacarri Rambo, now that’s a cool name!  However, LSU also has Morris “Mo” Claiborne, a sure top ten pick in the spring NFL draft.  Claiborne is a finalist for the Jim Thorpe Award given to the best defensive back in the nation and The Honey Badger Tyrann Mathieu is a finalist for the Chuck Bednarik Award given to the nation’s outstanding defensive player.  For LSU you add a healthy Eric Reid along with Brandon Taylor, Ron Brooks, Tharold Simon, and Craig Loston.  Man to man, nickel or dime and clearly it’s:  Advantage - LSU

 

Special Teams – Georgia has always seemed to have the best kickers in the SEC.  It seems like there is always some kicker from Georgia playing in the NFL.  However, that was then, this is now.  LSU has two great kickers.  Brad Wing can punt with either leg, can kick a spiral or an end over end punt on demand, and is deadly at dropping the ball inside an opponent’s 20 yard line.  LSU has allowed just 6 return yards on punts this year.  TOTAL.  SIX YARDS!  Drew Alleman is money anywhere inside 50 yards.  I have no clue who Georgia’s kickers are and haven’t read any of their names in any of the articles about the upcoming game.  Advantage - LSU

 

Game Summary – One Georgia sports blog says this about the game, “Everyone knows that passing against LSU would be to play against their strength, so if a team wants to beat these Tigers, they’ll have to run the football. And they’ll have to run it effectively.”  So, the game comes down to Georgia’s offense against LSU’s defense.  Personally, I don’t think Georgia’s receivers match up well against LSU’s defensive backs.  So the load falls primarily on Isaiah Crowell and Georgia’s offensive line.  LSU is going to run so many bodies at that Georgia O-Line that they are just going to wear them down and LSU will dominate the 4th quarter.  Crowell is a really good freshman running back and will be a star for Georgia for years to come.  However, this ain’t his year.  LSU wins 42 to 17.

 

 

 

Boudin Chaud. Cous Cous Froide. Allons Tigres--Poussez Poussez Poussez

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

Ph:  225-342-0013

Fx:  225-342-9721

Email:  jbroussard@treasusry.state.la.us

Street Address:

445 North Blvd, 7th Floor

Baton Rouge, LA 70802

Mailing Address:

P.O. Box 44154 Capitol Station

Baton Rouge, LA 70804-4154

Physical Location:

One City Plaza, 7th Floor

Corner of North Blvd & 4th Street

Exit 1B I-110 Convention Street, Turn Left to get to North Blvd

 

Random Thoughts from Around the SEC

Random Thoughts from Around the SEC

www.rollbamaroll.com

by outsidethesidelines

Nov 28, 2011 11:00 AM CST

 

With week thirteen of the college football season in the books, a few thoughts:

 

Alabama: 'Bama finished what Harvey Updyke started, and frankly the game was nowhere near as close as the final scoreboard indicated. Trent Richardson and the UA defense were dominant, but 'Bama showed yet again it couldn't protect the football or play special teams. Very beat-up squad at the moment, and the Tide defense played almost the entire game without Mark Barron and a banged up Dont'a Hightower; a five week break will do wonders for this team. Say what you will about an Alabama v. LSU rematch, but 'Bama figures to be the only team in the nation that LSU wouldn't outright embarrass. A vote for Oklahoma State to take the trip to New Orleans is the functional equivalent of a vote to cancel the BCS Championship Game and simply FedEx the crystal ball to Baton Rouge.

 

Arkansas: The Hogs have played in five program-defining games in the past fifteen months and are now 0-5 in those contests. The pretender hasn't had this kind of a run since the heyday of Jackson Browne. Even after getting a 14-0 lead and all the momentum in Baton Rouge, LSU simply annihilated Arkansas from there on and the Hogs weren't even remotely competitive late in the latter stages of the game. The Houston Nutt Hogs it ain't, but Arkansas seems to have peaked short of the top. Bobby Petrino's in-game and post-game antics were indefensible; put him in a to-the-wire race with Gene Chizik for the title of biggest douche in the SEC head coaching fraternity.

 

Auburn: Who could have expected that the viral Kristi Malzahn video wasn't the most embarrassing thing that Gus would suffer through on Saturday? Forget the offensive genius label, just score a point, and Auburn was shut-out outside of fourteen points worth of charitable donations from the Tide. We'll see what happens on the Plains in the coming weeks, but in many ways this team was very lucky just to reach 7-5, and while they are a young squad there looks to be a great deal of coaching turnover imminent as neither Malzahn or Roof are expected to return next season. Would be interesting to know what happened to Emory Blake, it seems the injuries ailing him are more serious than Gene Chizik and company would acknowledge publicly. Expect Auburn to head back to Tampa for the second time in three years.

 

Florida: How bad is this Florida team offensively? On a fourth-and-inches QB sneak with a 250 pound lugger, the Gators lost 15 yards. The Florida State defense ended up with more return yards on Florida interceptions than the FSU offense piled up against the Gator defense. And John Brantley was benched because of injuries? Sure thing, Boom. This is just a bad, bad football team, and it really speaks volumes to the structure of modern college football that a team this bad can still make a bowl game. If they get any reasonably capable opponent in the bowl game they will end with their first losing season since Jimmy Carter was in office. Afraid it's going to be a long rebuilding process in Gainesville. Can Muschamp survive that? We'll see.

 

Georgia: Easily the strongest win of the season for UGA, though in fairness the Dawgs routinely dispatch of Georgia Tech. Aaron Murray is playing his best football of the season, and the Georgia defense has been playing at a very high level in recent weeks. Can this team beat LSU? I tend to say no, but admittedly they do have the talent to challenge the Bayou Bengals, and they will have force LSU to earn the victory. Downside for UGA? With a loss in Atlanta it's possible they could fall all the way to the Peach Bowl.

 

Kentucky: Joker Phillips still deserves to be fired based on the entire body of work, but his decision to simply go wildcat the entire game was a stroke of genius. It won't work long-term, but it worked to perfection on Saturday afternoon in Lexington. Always figured I would see a Cubs World Series victory before I would see a Kentucky win over Tennessee. Joker may go down as a trainwreck -- certainly looks that way right now -- but he'll always have this on his resume.

 

LSU: Spot the #3 ranked team a 14-point lead, a quarter of football and all the momentum, and then annihilate them 41-3 in the remaining three quarters. If that is not domination, I'd sure as hell hate to see what is. LSU has only gotten better since pulling out the overtime victory in Tuscaloosa, and the offense is noticeably improved now with Jordan Jefferson at quarterback. SEC Championship Game in Atlanta is a glorified exhibition and a trip to New Orleans is guaranteed regardless. Only Alabama has a chance of making a national championship game competitive with this team; if the Bayou Bengals come out in the Superdome and see anyone else they'll burst out in laughter (and rightly so). The turnaround in Baton Rouge has been nothing short of amazing; this program looked as dead as General Sherman fourteen months ago.

 

Ole Miss: Houston Nutt goes out without even as much as a whimper, falling hard at the hands of Mississippi State 31-3 in Starkville. I'll run the Pythagorean numbers in due time, but it's hard not to see this team going down as the worst in modern SEC history. How can you finish 0-8 in conference play and lose games by an average of three touchdowns? Much attention will be given in the coming weeks to Nutt's successor, but it won't matter. Any coach legitimately good enough to raise this ship from the ocean floor would never consider Ole Miss in the first place.

 

Mississippi State: MSU might not be much, but at least they aren't Ole Miss. Chris Relf led the way as a senior in his final game in Starkville, but it was Vick Ballard that powered the offense with 144 yards rushing. Oddly enough, MSU scored 31 points despite barely gaining 300 yards of total offense to go along with 80 yards in penalties and a turnover. Dan Mullen talked a lot of trash in the postgame, which is really more embarrassing for him and his program than for Ole Miss. Years from now this game will probably be remembered more for the Twitter reference in the end zone than anything else.

 

South Carolina: Congrats, 'Cocks, you finally strung together two ten win seasons, and just in a shade under 120 years, too. Impressive. Clemson is finally playing like the Clemson we all know and love, but a strong win for South Carolina in Columbia. Steve Spurrier is routinely the pin-cushion of this piece, but for all the criticism give him credit for getting the Gamecocks to ten wins and taking this program to levels it has not reached before. He'll never be a legitimate national championship contender in Columbia, but these are the glory years of South Carolina football. Connor Shaw played arguably his best game, and the defensive line dominated in the trenches. Just wait a couple of years until ol' Spencer Region gets ahold of 'em, ain't that right Dabo? Interesting to see where the Gamecocks end up in early January, but the smart money looks to be on either the Peach Bowl or the Capital One Bowl.

 

Tennessee: I like to think I've seen a lot of cool things in my time, but few of them can probably match the sight of Kentucky beating Tennessee. Saturday was probably the darkest day in the modern history of Tennessee football, and adding insult to injury they now have to deal with a losing season and no bowl game. Derek Dooley is now officially on the hot seat, and while many Vol fans would like to go ahead and pull the trigger on the inevitable, the reality is that UT couldn't get any coach worth his salt at this point and for better or for worse they must simply live with what little they have for the immediate future. Don't know if Dooley can ever recapture a significant portion of the fan base after this debacle. He'd probably have to take Nick Saban and a few others behind the woodshed a couple of times for that to happen. Mama Dooley better not tune in to talk radio this afternoon.

 

Vanderbilt: The 'Dores are going bowling after a blowout win over Wake Forest, Vandy's fifth such victory of the year. And that is why James Franklin is the SEC Head Coach of the Year and why no one else, Les Miles included, even deserves a vote. At most guys like Miles and Nick Saban are just getting top-notch results with top-notch programs, but Franklin is getting a team bowl eligible in the modern day SEC that frankly ought to be duking it out with Sewanee in the SCAC. In all honesty, without some bad breaks in close games, Vandy ought to have a better record than it does; 8-4 was very much in reach for this team. Every SEC fan better hope this guy ends up somewhere other than Knoxville in a couple of years.

 

 

 

Boudin Chaud. Cous Cous Froide. Allons Tigres--Poussez Poussez Poussez

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

Ph:  225-342-0013

Fx:  225-342-9721

Email:  jbroussard@treasusry.state.la.us

Street Address:

445 North Blvd, 7th Floor

Baton Rouge, LA 70802

Mailing Address:

P.O. Box 44154 Capitol Station

Baton Rouge, LA 70804-4154

Physical Location:

One City Plaza, 7th Floor

Corner of North Blvd & 4th Street

Exit 1B I-110 Convention Street, Turn Left to get to North Blvd

 

Monday, November 28, 2011

It's The Economy Stupid: Bounce

We’re UP!  All’s well that ends well.  Just ignore that whole Euro thing.

 

 

Description

Ticker

Last

CHANGE

% Chg Today

Pct Chg 1Yr

 

 

 

 

 

 

STOCK MARKETS

 

 

 

 

 

Dow Jones Industrial Average

INDU Index

11523.010

291.2300

2.5929

3.8858

S&P 500 Index

SPX Index

1192.550

33.8800

2.9240

0.2648

NASDAQ Composite Index

CCMP Index

2527.340

85.8300

3.5155

-0.2849

Russell 3000 Index

RAY Index

705.050

21.2000

3.1001

-0.4687

Russell 2000 Index (Small)

RTY Index

697.900

31.7400

4.7646

-4.7535

S&P 400 Mid Cap Index

MID Index

840.930

28.5000

3.5080

-2.1526

S&P 600 Small Cap Index

SML Index

388.680

17.3700

4.6780

-0.2873

TREASURIES

% Yield

 

 

 

 

3 Month Treasury

0.0153

 

-0.0050

-33.3333

 

6 Month Treasury

0.0712

 

0.0050

8.3333

 

2 Year Treasury

0.2539

99.992

0.0391

0.0391

 

5 Year Treasury

0.9231

99.773

0.0469

0.0470

 

10 Year Treasury

1.9739

100.250

-0.0781

-0.0779

 

30 Year Treasury

2.9321

103.828

-0.2656

-0.2552

 

ENERGY

 

 

 

 

 

Crude Oil, Brent Index

Brent

108.540

2.1400

2.0113

23.5515

Crude Oil, Louisiana Light Sweet

LA Light Sweet

109.510

1.4900

1.3794

24.4300

Natural Gas, Henry Hub Index

Nat Gas

3.549

-0.1160

-3.1651

-32.9618

PRECIOUS METALS

 

 

 

 

 

Spot Gold $/oz

GOLD

1712.300

28.7700

1.7089

25.5509

Spot Silver $/oz

SILVER

32.068

0.8075

2.5832

20.0693

CURRENCIES

 

 

 

 

 

Euro

EUR Curncy

1.331

0.0075

0.5666

1.4171

Japanese Yen

JPY Curncy

78.010

0.2700

0.3473

8.0118

British Pound

GBP Curncy

1.550

0.0060

0.3886

-0.4752

Swiss Franc

CHF Curncy

0.923

-0.0070

-0.7529

8.3658

Canadian Dollar

CAD Curncy

1.035

-0.0116

-1.1081

-1.6614

Chinese Yuan

CNY Curncy

6.389

0.0149

0.2338

4.2592

FOREIGN INDICIES

 

 

 

 

 

FTSE 100 INDEX

UK

5312.760

148.1100

2.8678

-6.2790

CAC 40 INDEX

FRANCE

3012.930

155.9600

5.4589

-19.1952

DAX INDEX

GERMANY

5745.330

252.4600

4.5961

-16.1141

NIKKEI 225 INDEX

JAPAN

8287.490

127.4800

1.5623

-18.1563

HANG SENG INDEX

HONG KONG

18037.810

348.3300

1.9691

-22.1375

 

 

 

Boudin Chaud. Cous Cous Froide. Allons Tigres--Poussez Poussez Poussez

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

Ph:  225-342-0013

Fx:  225-342-9721

Email:  jbroussard@treasusry.state.la.us

Street Address:

445 North Blvd, 7th Floor

Baton Rouge, LA 70802

Mailing Address:

P.O. Box 44154 Capitol Station

Baton Rouge, LA 70804-4154

Physical Location:

One City Plaza, 7th Floor

Corner of North Blvd & 4th Street

Exit 1B I-110 Convention Street, Turn Left to get to North Blvd